Cisco: Its Not Our Fault!
Category: Networking, General NewsPosted: October 19, 2007 04:04PM
Author: oldfett
Cisco denies that it committed tax fraud in Brazil after the arrest of 44 people on Tuesday. Authorities said Cisco's Brazilian unit had imported $500 million worth equipment over the last five years without paying import duties and is estimated to owe $826.4 million (1.5 billion reais) in taxes, fines, and interest. Cisco denies these accusations as the company states it used a middleman to import the goods, it is not their fault. The investigation, which has been going on for two years, alleges that Cisco's Brazilian unit used companies based in tax havens like Panama, the Bahamas and the British Virgin Islands to avoid paying import taxes in Brazil.
